9% decrease in new residential projects in June

The Canada Mortgage and Housing Corporation announced that the number of new residential projects in June decreased by 9% compared to May. According to this company, the amount of new residential projects in June reached about 241 thousand units, which decreased from about 269 thousand units in May.

The amount of new residential projects in two of Canada's three largest cities was significantly lower than in June 2023, with Toronto down 60 percent and Vancouver down 55 percent.

However, in Montreal it was up 226 percent year-over-year as construction of multi-unit residential projects increased significantly.

The actual number of new residential projects in urban centers across Canada decreased by 13% in June and reached about 205,000 units. Meanwhile, this figure was about 235 thousand units last year.

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